On Oct. 8, the on-chain analytics provider highlighted several crypto projects and altcoins that have seen major boosts in whale transactions in the past week compared to the previous week’s activity.
It added that coins that have been dropping in value that suddenly see massive whale spikes “are prime candidates for upcoming bounces.”
Cronos (CRO) is the leader in whale activity for the week with 255%, it noted. However, CRO prices are down 7% over the past week, falling 2.7% on the day to $0.078.
When Altseason?
Santiment reported that DeFi lending protocol Aave was also high for whale activity over the past week. But again, its native token AAVE has dropped 8% over the past week and was down 3.7% on the day, trading at $146, according to CoinGecko.
With this in mind, the spot price increases for these tokens may be somewhat delayed.
Keep an eye on the following crypto projects seeing major boosts in whale transactions in the past week (compared to their whale activity the prior week):
1) @cronos_chain $CRO +255%
2) @aave $AAVE (On Optimism) +100%
3) @ethena_labs $USDe +82%
4) @makerdao $DAI… pic.twitter.com/LvxNRJVZmF— Santiment (@santimentfeed) October 7, 2024
The calls for altseason continue to ring out across crypto social media as Bitcoin has repeatedly failed to break resistance multiple times over the past few months.
On Oct. 8, crypto trader Laxman said that this was unlikely to happen until BTC made a new all-time high above $74,000 and its market dominance started to fall.
According to Tradingview, BTC’s dominance is currently just over 58%, nearing its highest level since April 2021.
However, ‘CryptoYoddha’ published a chart on Tradingview depicting an increase in altcoin market capitalization, which could be a precursor to altseason.
Good times ahead pic.twitter.com/4d71jY9VyW
— Yoddha (@CryptoYoddha) October 7, 2024
Crypto Market Outlook
While the altcoins Santiment highlighted are moving in the wrong direction today, some are bucking the market trend and making gains.
These include Sui (SUI), which surged 10% on the day to reach $2.10, just 3% away from its March all-time high. SUI has gained a whopping 127% over the past month, primarily driven by memecoin degens minting on the network.
Fantom (FTM) is also doing well today, with a 4% gain to close in on $0.70, while Aptos (APT) and Tron (TRX) are also in the green.
However, total market capitalization has declined by 2.8% on the day to $2.28 trillion at the time of writing, leaving most altcoins in the red, with larger losses for Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB).
